The following activity occurred during May 2016 for ABC Inc. Date Description May Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par 1 common stock May Company sold $5,000 worth of goods Customer paid half cash and half on 4 account. The merchandise sold had a cost to the company of $3,500 May Accepted $500 of advance payments from customers for services to be provided 6 next month. May Received a utility bill for $450. Payment is due in 30 days. The company decides 27 to wait exactly 30 days to pay lay Mr Jones paid in tullthe outstanding debt he had with the company 29 May 31 Using the information above, what journal entry would be required to record the transaction of May 31? The company declares a stock split Select one a No journal entry is necessary for a stock split $500 Common Stock, Par Common Stock, Additional Paid in capital $72,000 $500 S72.000 Common Stock, Par Common Stock. Additional Paid in Capital